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The general, and at the same time dynamic, type of analysis still remains an unwritten chapter of economic theory, the claims of innumerable “model-b… - Wassily Leontief
" "The general, and at the same time dynamic, type of analysis still remains an unwritten chapter of economic theory, the claims of innumerable “model-builders” notwithstanding... The … theoretical approach, based on the combination of the complexities of a general interdependent system with the simplifying assumptions of static analysis, constitutes the background of this investigation.
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About Wassily Leontief
Wassily Wassilyovich Leontief (August 5, 1906 – February 5, 1999), was a Russian-American economist notable for his research on how changes in one economic sector may have an effect on other sectors. Leontief won the Nobel Committee's Nobel Memorial Prize in Economic Sciences in 1973, and three of his doctoral students have also been awarded the prize (Paul Samuelson 1970, Robert Solow 1987, Vernon L. Smith 2002).
Also Known As
Native Name:
Васи́лий Лео́нтьев
Alternative Names:
Wassily W. Leontief
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Wassily Wassilyevich Leontief
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Additional quotes by Wassily Leontief
Among the many factors that have promoted economic change, I believe that technology or, rather, change in technology is the most prominent. I realize that it is dangerous to look for 'ultimate causes' in a world where everything seems to depend on everything else. But I believe that for the most part the economy, and ultimately the society, must adapt to the conditions that technology creates. If it cannot adjust to the challenges of changing technology, it fails.
By the time it comes to interpretation of the substantive conclusions, the assumptions on which the model has been based are easily forgotten. But it is precisely the empirical validity of these assumptions on which the usefulness of the entire exercise depends... A natural Darwinian feedback operating through selection of academic personnel contributes greatly to the perpetuation of this state of affairs.
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The total number of multiplications involved in the practical solution of our problem exceeds 450,000. This task alone would mean a two-year job, at 120 multiplications per hour. Fortunately, the recent invention of the Simultaneous Calculator by Professor Wilbur of the Massachusetts Institute of Technology has made it possible to perform all the necessary computations in a small fraction of the time they otherwise would have required. This apparatus solves nearly automatically a system of nine simultaneous linear equations.
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